TELEVISION Broadcasts is involved in programme production, broadcasting, the sale of air time, programme licencing and distribution, and runs the Jade Pearl channels. Salomon Smith Barney has a buy recommendation on the stock, saying it is an 'unusually cheap growth stock'. TVB has just launched TVB8, a new Mandarin entertainment channel, while TVB Xing He, a drama channel, will be launched within a few months. The company is almost certain to move from its present location in TV City, probably to a site in Tsueng Kwan O, at a costof more than $1.4 billion, including the cost of the land, buildings and relocation. The broker said the broadcaster would be content to report a 12 per cent drop in net profit this fiscal year, equal to about $528 million. 'We continue to regard TVB as well positioned - even in a more open television services market - to dominate the local market for television content. Most importantly, we believe it is still well positioned to establish new licensing and/or pay-television revenue streams from Hong Kong, let alone Taiwan, China and the region.'